This paper examines the economic structure of Milos, which, when compared to most other Greek islands, is unique, due to the presence of significant mining activity. We analyze the dynamics of the island’s economy, with special emphasis on gross value added and contribution to employment. In an attempt to capture the effect of the country’s current economic crisis, the analysis covers both Greece as a whole and Milos, specifically for the period 2005-2011. The results show that the island is over-dependent economically on mining, thus underscoring the importance of nurturing an appropriate mix of industrial activities and tertiary services in this particular setting.